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Home Buying in 78257 : Real Estate Advice

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Thu Feb 17, 2011
Micah Harper answered:
I've shown the property at 1 Sarazen Court a few times, it has a very unqiue layout and is in need of some work. It currently shows pending, which means that someone has a contract to buy it but the contract has not closed yet.

When a property says that it is "bank owned," that means that it has already gone through the foreclosure process and is now actually owned by the lender. These properties are usually going to be in need of some repairs, and I've found that banks prefer to lower the price rather than do any work to a property.

When a property says "short sale," that means that the property is not yet owned by the bank. The Seller is likely in default on their loan and they are trying to sell the property for less than they owe on it. If they are not able to complete a short sale, the property will be foreclosed on at public auction (first Tuesday of every month) and if it is not purchased there it will become "bank owned" (see above).

--Micah Harper
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